November 20, 2019 / 8:49 AM / 17 days ago

Takeaway offer period for Just Eat begins after share rally

FILE PHOTO: The app for Just Eat is displayed on a smartphone in this posed picture in London, Britain, August 5, 2019. REUTERS/Toby Melville/File Photo

AMSTERDAM (Reuters) - Takeaway.com NV, the online food ordering company that is competing with larger Dutch rival Prosus to buy Britain’s Just Eat on Wednesday declared the offer period for its all-share bid open.

The offer, which currently values Just Eat at 4.67 billion pounds ($6 billion), runs through Dec. 11, and will be declared unconditional by Jan. 31 if 75% of Just Eat shareholders tender their shares.

Prosus’ unsolicited cash offer of 710 pence per share values Just Eat at 4.9 billion pounds.

Just Eat shares closed at 754 pence on Tuesday, signalling that shareholders believe a higher bid is likely.

Just Eat’s boards have endorsed their agreed deal with Takeaway and say the Prosus offer “significantly undervalues” the company.

Takeaway shares have rallied 17% since Nov. 5, the day after it announced it would change the format of its offer, paving the way for an acceptance threshold of 75% or possibly lower.

At Tuesday’s closing price of 83.25 euros, Takeaway’s offer is worth 698 pence, or 2% less than the Prosus offer.

($1 = 0.7742 pounds)

Reporting by Toby Sterling; editing by Jason Neely

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